Typical Connecticut mortgage payment
The median home price in Connecticut is roughly $380,000. Here's the estimated monthly principal & interest payment on that amount, by rate and term:
| Rate | 15-year | 30-year |
|---|---|---|
| 5.00% | $3,005 | $2,040 |
| 5.50% | $3,105 | $2,158 |
| 6.00% | $3,207 | $2,278 |
| 6.50% | $3,310 | $2,402 |
| 7.00% | $3,416 | $2,528 |
| 7.50% | $3,523 | $2,657 |
| 8.00% | $3,631 | $2,788 |
| 8.50% | $3,742 | $2,922 |
| 9.00% | $3,854 | $3,058 |
| 9.50% | $3,968 | $3,195 |
| 10.00% | $4,083 | $3,335 |
What a Connecticut mortgage really costs (PITI)
Principal & interest alone would run about $2,402/month at 6.50% over 30 years. But Connecticut's property tax - roughly 2.15% of home value per year here - adds about $681/month, and estimated homeowners insurance adds around $111/month. Your real total monthly payment (PITI) on a $380,000 Connecticut home is closer to $3,194/month.
Using the standard 28%-of-income guideline, comfortably affording this home takes a household income around $136,865/year. A 20% down payment here is $76,000.
Connecticut vs. its neighbors
Connecticut has the lowest estimated total monthly payment of its bordering states.
| State | Median price | Property tax rate | Est. total monthly (PITI) |
|---|---|---|---|
| Connecticut (this page) | $380,000 | 2.15% | $3,194/mo |
| New York | $460,000 | 1.72% | $3,701/mo |
| Rhode Island | $460,000 | 1.63% | $3,667/mo |
| Massachusetts | $600,000 | 1.23% | $4,582/mo |
What affects your Connecticut payment?
- Property tax above is a statewide estimate - your county's actual rate may differ.
- Down payment: 20% down avoids private mortgage insurance (PMI).
- Loan term: a 15-year loan saves enormous interest vs. 30 years.
Median price, property tax rate and insurance are approximate estimates, not county-specific figures. Not financial advice.